POUND HITS TWO MONTH HIGH AGAINST US DOLLAR, GBPINR UP 1.50%

Published on Nov 15, 2023 16:55

The British Pound eased from a two month high as markets eyed weak inflation data from the UK. The currency had gained in Asian trades but flipped back after failing to sustain above 1.2500 mark against the US dollar. UK`s retail inflation measured by the consumer Prices Index (CPI) rose by 4.6% in the 12 months to October 2023, down from 6.7% in September, data by the Office for National Statistics showed. On a monthly basis, CPI did not change in October 2023, compared with a rise of 2.0% in October 2022. This pulled down the GBPUSD pair and it currently quotes at 1.2464, down 0.31% on the day. On the NSE, the GBPINR futures are quoting at 103.51, up 1.49% on the day but well off intraday high of 103.80.